New Delhi, July 29 -- InCred Wealth and Investment Services, a part of the InCred group, has appointed two former Avendus executives for a new venture targeting ultra-high-net-worth individuals.
The new entity will operate as a subsidiary of InCred Wealth, VCCircle has learnt.
Earlier this month, InCred appointed former Avendus executives Alok Agarwal and Harmeet Sahney to lead the new entity InCred Black.
Previously, Agarwal served as a managing director at Avendus while Sahney served as a managing director at Avendus Wealth. Both Agarwal and Sahney have joined InCred Black as co-founders.
InCred Black will offer solutions for client businesses and personal wealth. Specifically, the entity will offer clubbed deals, curated transactions, global opportunities and handle large advisory mandates in addition to traditional private wealth management, a person familiar with the matter said on condition of anonymity.
InCred refrained from commenting on the development.
Avendus has seen a lot of people movement since Japan's Mizuho struck a deal in December last year to acquire a majority stake in the company from private equity firm KKR. Last month, it elevated Karan Sharma to managing director and head of investment banking. Sharma had led the firm's digital and technology practice previously.
Anshul Gupta, who was formerly managing director and head of healthcare investment banking at Avendus Capital, quit the firm to join Bank of America. Earlier, Prateek Jhawar, former head of investment banking - real estate and infrastructure, moved on to Macquarie and Gaurav Arora from UBS replaced him at Avendus.
InCred Wealth focusses on distribution of third-party financial products or acts as a referral agent of third party financial products and services. The company's offerings include mutual funds, alternative investment funds, portfolio management services, financing solutions and financing solutions. Its InCred Vantage offering provides customised portfolio management services.
The InCred group is a Mumbai-based diversified financial services firm. The group comprises three distinct businesses - InCred Finance, which is a lending-focussed non-banking financial company; InCred Capital, an integrated institutional, wealth and asset management platform; and InCred Money, a B2C and B2B2C investment distribution platform. InCred Wealth is housed under InCred Capital.
The group, which was founded by former Deutsche Bank executive Bhupinder Singh, is backed by several investors including Elevar Equity, Abu Dhabi Investment Authority and Moore Venture Partners. Recently, brothers Nikhil and Nitin Kamath, co-founders of the discount broking firms Zerodha invested Rs 250 crore in InCred Holdings, the holding company of InCred Financial Services (InCred Finance).
The flagship InCred Financial Services provides personal loans, education loans, school financing, loan against property and loans to financial institutions, besides anchor and escrow-backed business loans.
Published by HT Digital Content Services with permission from VC Circle.